Poly(vinyl alcohol) market stays weak as VAM margins fall despite higher operating rates

I. Key Focus Points

1. Feedstock prices: Acetic acid (Jiangsu) at CNY 4,250/ton, Calcium carbide (Ningxia) at CNY 2,450/ton, and Ethylene (Northeast Asia) at USD 1,210/ton.
2. Cost-side support has weakened.
3. Supply-side fluctuations remain frequent.
4. Demand is driven primarily by essential needs, with few new orders transacted.

Core Logic: Fundamentals are under pressure, leading to weak market oscillation.

II. Price Table

Notes:

1. Both Vinyl Acetate Monomer (VAM) and Polyvinyl Alcohol (PVA) refer to premium-grade products.
2. Prices for VAM and PVA are in RMB, unit: yuan/ton.
3. All RMB prices listed above are ex-works cash-inclusive prices (tax included).
4. The two price points represent spot prices from the two preceding working weeks before this week, not weekly averages.
5. The change rate refers to the period-over-period variation.
6. Prices reflect market negotiation levels.

III. Data Table

Notes:

1. The operating rate represents the ratio of actual output to production capacity for manufacturing enterprises, serving as an indicator of production activity.
2. The production margin is industry-level data reflecting the overall profitability in mainstream regions, calculated as the ratio of industry profit to average price.